SINGAPORE (Commodity Online) : Gold prices eased Wednesday after an overnight jump as conflicting reports about Europe’s debt crisis battle created uncertainty in the market.
Gold for immediate delivery was seen trading at $1636.04 an ounce at 12.30 p.m Singapore time while US gold for December delivery was at $1648.07 an ounce on the comex division of Nymex.
Analysts said market uncertainties returned after conflicting reports about the success of European efforts to fight debt crisis came in. that put investors to remain cautious.
The bullion is likely to remain steady during the day as markets are unlikey to witness any bargain hunting until a clear picture available.
Meanwhile a recovering dollar also affected gold’s gains as the dollar rose 0.4 per cent against a basket of currencies, which in theory should weigh on commodities priced in the greenback such as oil and industrial metals.
On Tuesday, Gold futures gained the most in seven weeks as commodities and equities rallied amid optimism that European leaders will take steps to resolve the region’s debt crisis.
Spot gold closed trading at $1647.25 an ounce.
US gold for December delivery ended at $1,649.00 an ounce while December Comex Silver closed at $31.66 an ounce.
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